The Effect of Female Successors on the Financial Performance of Family Firms: Under the Moderation of Governance Structure
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v6i4.4274
Abstract
Female successors participating in corporate governance is becoming increasingly common, but the impacts through which this influences corporate financial performance remain unclear. Drawing on resource-based theory and social role theory, construct a three-dimensional analytical framework linking “successor gender - governance structure - financial performance”: using panel data of Chinese family-owned listed companies from 2010 to 2022, it identifies the performance effects of female successors and reveals the moderating boundaries of governance structure. The findings reveal that female successors have a significant po164sitive impact on the financial performance of family businesses. Governance structure plays a key moderating role in the relationship between female successors and financial performance, with a dynamic effect observed in the moderation of governance structure. Institutional fit determines the long-term value creation capacity of female successors. Additionally, technology-intensive enterprises benefit more from the relational management style of female leaders.
Keywords
Female successor, financial performance, Governance structure moderation
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[3]O'Boyle Jr E H, Pollack J M, Rutherford M W. Exploring the relation between family involvement and firms' financial performance: A meta-analysis of main and moderator effects[J]. Journal of Business venturing, 2012, 27(1): 1-18.
[4]Zhang Y, Qu H. The impact of CEO succession with gender change on firm performance and successor early departure: Evidence from China’s publicly listed companies in 1997–2010[J]. Academy of Management Journal, 2016, 59(5): 1845-1868.
[5]Maseda A, Iturralde T, Cooper S, et al. Mapping women's involvement in family firms: A review based on bibliographic coupling analysis[J]. International Journal of Management Reviews, 2022, 24(2): 279-305.
[6]Gedajlovic E, Carney M, Chrisman J J, et al. The adolescence of family firm research: Taking stock and planning for the future[J]. Journal of management, 2012, 38(4): 1010-1037.
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